Shortfacts - June 2018

Faster invoice processing

Elix Polymers, a manufacturer of ABS (acrylonitrile butadiene styrene) waxes and derivatives, is automating its accounts payable process with a solution from Esker.

Elix Polymers wanted to optimize its supplier payments and chose Esker's cloud-based accounts payable solution to automate the annual volume of 8,000 invoices from 2,000 suppliers in Spain and North America.

Previously, supplier invoices were processed manually, 75 percent of which were received by e-mail and 25 percent by post. Now, incoming invoices are scanned in batches and fed into an automated workflow.

Esker's intelligent image recognition technology extracts data, identifies the relevant manager by supplier number and forwards the invoice for approval. Using machine learning, the Esker solution detects and corrects errors, prioritizes invoices and identifies which invoices need to be rejected and reviewed.

Invoices with a purchase order reference and existing approval can be posted through automatically. The optimized process increases reliability and speeds up the processing of future invoices.